Patrick Moynihan: “I have now served 24 years on the Finance Committee, and the last 20 years has been a continued frustration in our…”

“I have now served 24 years on the Finance Committee, and the last 20 years has been a continued frustration in our disinclination and refusal to make the research and development credit permanent. It is elemental that research projects go beyond 2, 4, or 20 years. It is elemental and in the interest of society that these projects should take place. We allow the credit to be taken but only in 2-year intervals, as it were, such that there will obviously be some decisions made that it is too risky and maybe they won't do it next time. We always renew it, but at a cost. There is an efficiency cost which is clear. I, for one, will happily vote in support of the Senator's proposal.”